Dow's Credit Rating Is Lowered Following Collapse of K-Dow

12:36 PM MST | December 31, 2008 | Vincent Valk

Moody’s and Standard & Poor's (S&P) have each lowered Dow Chemical’s senior unsecured rating in response to Kuwait’s decision to back out of the K-Dow joint venture. Moody’s lowered Dow’s rating to Baa1 from A3, and S&P lowered the rating to BBB from A-. Both ratings agencies say they are also watching Rohm and Haas’s credit, and S&P has revised Rohm and Haas’s CreditWatch implications to negative from developing. Dow’s bid to buy Rohm and Haas could be jeopardized by the cancellation of the K-Dow...